Meta Platforms (NASDAQ:META) Coverage Initiated by Analysts at Itau BBA Securities

Itau BBA Securities assumed coverage on shares of Meta Platforms (NASDAQ:METAGet Rating) in a research note issued to investors on Tuesday, The Fly reports. The brokerage issued a market perform rating and a $188.00 price objective on the social networking company’s stock.

META has been the subject of a number of other research reports. Needham & Company LLC lowered Meta Platforms from a hold rating to an underperform rating in a research note on Monday, July 11th. Mizuho dropped their price objective on Meta Platforms from $325.00 to $250.00 and set a buy rating for the company in a research note on Monday. The Goldman Sachs Group dropped their price objective on Meta Platforms from $300.00 to $290.00 and set a buy rating for the company in a research note on Thursday, June 9th. Cowen dropped their price objective on Meta Platforms from $300.00 to $275.00 and set an outperform rating for the company in a research note on Wednesday, July 13th. Finally, Cowen decreased their target price on Meta Platforms from $300.00 to $275.00 and set an outperform rating for the company in a report on Wednesday, July 13th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $282.68.

Meta Platforms Price Performance

Shares of META opened at $159.15 on Tuesday. The firm has a market cap of $430.71 billion, a P/E ratio of 12.04, a P/E/G ratio of 1.34 and a beta of 1.40. The stock has a 50 day simple moving average of $174.78 and a two-hundred day simple moving average of $210.73. Meta Platforms has a 1 year low of $154.25 and a 1 year high of $384.33.

Meta Platforms (NASDAQ:METAGet Rating) last issued its earnings results on Wednesday, April 27th. The social networking company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.54 by $0.18. The business had revenue of $27.91 billion during the quarter, compared to analyst estimates of $28.21 billion. Meta Platforms had a return on equity of 28.74% and a net margin of 31.20%. During the same quarter in the prior year, the firm earned $3.30 earnings per share. On average, equities analysts anticipate that Meta Platforms will post 11.22 earnings per share for the current year.

Insider Transactions at Meta Platforms

In related news, insider Jennifer Newstead sold 311 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $199.60, for a total transaction of $62,075.60. Following the sale, the insider now owns 12,187 shares of the company’s stock, valued at approximately $2,432,525.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Jennifer Newstead sold 311 shares of Meta Platforms stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $199.60, for a total transaction of $62,075.60. Following the sale, the insider now owns 12,187 shares of the company’s stock, valued at approximately $2,432,525.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David M. Wehner sold 1,222 shares of Meta Platforms stock in a transaction that occurred on Sunday, May 15th. The shares were sold at an average price of $198.62, for a total value of $242,713.64. Following the sale, the chief financial officer now directly owns 12,247 shares in the company, valued at approximately $2,432,499.14. The disclosure for this sale can be found here. Insiders have sold 45,174 shares of company stock valued at $8,979,045 over the last quarter. 13.59% of the stock is currently owned by company insiders.

Institutional Trading of Meta Platforms

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Meta Platforms by 1.2% in the 4th quarter. BlackRock Inc. now owns 158,101,319 shares of the social networking company’s stock worth $53,177,378,000 after acquiring an additional 1,909,538 shares during the last quarter. State Street Corp boosted its holdings in shares of Meta Platforms by 2.0% in the 4th quarter. State Street Corp now owns 94,303,590 shares of the social networking company’s stock worth $31,719,012,000 after purchasing an additional 1,887,737 shares during the period. Capital International Investors boosted its holdings in shares of Meta Platforms by 4.4% in the 1st quarter. Capital International Investors now owns 54,050,797 shares of the social networking company’s stock worth $12,019,697,000 after purchasing an additional 2,281,759 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Meta Platforms by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 40,627,257 shares of the social networking company’s stock worth $13,629,910,000 after purchasing an additional 950,662 shares during the period. Finally, Norges Bank purchased a new position in shares of Meta Platforms in the 4th quarter worth approximately $9,595,113,000. Institutional investors own 65.49% of the company’s stock.

About Meta Platforms

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Meta Platforms, Inc develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide. It operates in two segments, Family of Apps and Reality Labs. The Family of Apps segment's products include Facebook, which enables people to share, discover, and connect with interests; Instagram, a community for sharing photos, videos, and private messages, as well as feed, stories, reels, video, live, and shops; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices through chat, audio and video calls, and rooms; and WhatsApp, a messaging application that is used by people and businesses to communicate and transact privately.

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